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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2013
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 19 - SUBSEQUENT EVENTS On January 1, 2014 the Company granted options to purchase 500,000 shares of common stock to its non-executive directors. The options have an exercise price of $0.02 per share, a five-year term, vest on January 1, 2015¸ and are subject to continuing service as a director. The options were valued using the Black-Scholes model using a volatility of 294%, an expected term of 5 years and an interest rate of 0.76%. The options are valued at $10,000 and will be recognized as an expense over the requisite service period. On Jan 22, 2014, the Company approved the issuance of 1,000,000 options to an independent financial consultant to act as an advisor to the Company with respect to international capital markets strategy. The consultant received no other cash or stock compensation and continues to work closely with the Company on matters directly pertaining to capitalization. The options have an exercise price of $0.018 per share, a five-year term, vesting immediately. The options were valued using the Black-Scholes model using a volatility of 294%, an expected term of 5 years and an interest rate of 0.76%. The options are valued at $18,000 and will be immediately expensed. On February 14, 2014, the Company issued 4,166,250 shares of Class A common stock at $0.012 per share to one accredited investor in exchange for $50,000. The Company also issued 3,124,688, warrants with the investment. On March 26, 2014, Information System Associates, Inc. (the "Company") elected Mr. Hagai Lerer to the Company's Board of Directors with the effective date of April 1, 2014. As compensation for his services as a director, Mr. Lerer received 150,000 options of the Company stock at $0.012 vesting on June 30, 2014. The options were valued using the Black-Scholes model using a volatility of 294%, an expected term of 5 years and an interest rate of 0.76%. The options are valued at $1,800 and will be recognized as expense over the requisite service period.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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